As the federal government announced readiness to disburse the withheld Cabotage Vessels Finance Fund (CVFF), indigenous Shipowners have said the money accrued so far into the government coffers since commencement is over $2billion.
Recall that the minister of Transportation, Mu’azu Jaji Sambo, last weekend at the send-forth of the cadet under the Nigerian Seafarers” Development Programme (NSDP) in Lagos, announced that President Muhammadu Buhari has approved the disbursement of CVFF after 17 years in the custody of the Nigerian Maritime Administration and Safety Agency (NIMASA).
But, speaking at the general meeting held to announce January 26, 2023 as date for the election of the Nigerian Shipowners Association (NISA), the chairman Board of Trustees (BoT), Chief Issac Jolapamo, said the money accrued so far is more than $350 million.
Jolapamo, who further stated that indigenous Shipowners would have contributed more than $2billion to the fund in the last 17 years, said $350 million cannot fund acquisition of six vessels.
According to him, it was the former minister of state for Transportation, Sen. Gbemisola Saraki that revealed that the fund contributed so far was around $350 million which was against figures released by previous ministers.
He, however, went ahead to inaugurate a six-man committee to represent the association when CVFF is being discussed by the federal government and other concerned agencies while insisting that funds be audited.
His words, “It was because the former minister of state for Transportation, Sen. Gbemisola Saraki, that mentioned $350 million that changed the narrative. Nobody has ever mentioned a figure higher than
$150 or $190 million. For me who knows from the beginning an idea of how much the money is, the money is minimum, nothing less than $2 billion. And we want to get to the root of it. Where is the money? $350 million dollars will not do us anything. It can not even buy six ships. So, if we have waited for 17, or 18 years, we should know if anybody has dipped his hands in the money. We need to get to know.
“I’m very excited about the announcement in the sense that it will now throw up so many issues. It will get to the bottom of what has been happening to our money. Today, you just heard that they may have gathered some companies that registered six months ago. I have never taken any money from the government and I have been operating a shipping company since I left NNPC in 1985.
“So, if we have been contributing money for 17 to 19 years, and you are telling us it is just 350 million dollars, then something is wrong somewhere. If not for Gbemisola Saraki, they would have been sticking with the old figure. To me, I know the money is more than $2 billion,” Jolapamo noted.
Speaking, the secretary to the newly inaugurated six man Committee to liaise with the federal government in respect of CVFF, Paul Jegede, said it is not enough to be excited about the disbursement of the fund but, auditing must be carried out to know the exact amount that has been contributed by Shipowners.
Jegede who also noted that, against the general claim that it belongs to the government, the fund belongs to the Shipowners. He also urged the federal government to consult the contributors for suggestions which will inform the modalities to disburse the fund.
“The first step is to really know how much is the fund. This is because we’ve had different figures from different ministers. Some will say it is just $200 million, others will say, $400 million. And this has been on for more than 17 years. How much is this money?
“Another thing is, what are the modalities for sharing this money among the contributors? This money belongs to shipowners. It is the proceeds from shipowners’ contracts. It is not government money.
“So, we need to know how much and they need to give shipowners the opportunity to come out with suggestions on the modalities for disbursement so that nobody is cheated. So that you don’t find a situation whereby a company that is just two or three years taking part of the money, using political influence. That will not be right. Another thing to consider is that the Minister that is presenting CVFF for disbursement is not a full-fledged Maritime person. So, recommendations from shipowners are important to make it meaningful, otherwise, the money will not have any substantial addition to the industry,” he said.
The six-man committee comprises, Edward Sowoh, chairman, Paul Jegede, secretary, Engr. Emmanuel Ilori, Feyisola Famutimi, Sola Adewummi, and Goke Ojo as members
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